建銀國際:核心利潤和股息超預期 上調綠城管理控股(9979.HK)目標價至5.8港元 評級“優於大市”
格隆匯3月24日丨建銀國際發研報指,綠城管理控股(9979.HK)公佈了自2020年7月上市以來的首次年度業績。2020年核心利潤同比增長39%,比該行的預期高出18%,且遠高於2020年上半年4%的增長。綠城管理控股還宣佈年度股息為0.17元人民幣,這意味着核心每股收益的派息率為65%。管理層的目標是在2021財年承包20%的新項目,預計淨利潤率將保持在20%以上。 建銀國際認為,綠城管理控股2020年亮眼的業績體現了公司有效的項目管理。與房地產開發和管理相比,項目管理是一個藍海市場,以合理的成本帶來了大量的併購機會,公司市場領先地位值得估值溢價。建銀國際重申予公司“優於大市”的評級,並將目標價從5.3港元上調至5.8港元。
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